The cat’s money was paid out monthly to Taffy’s caregiver, Karen Norwood (who had also been Sophie’s caregiver at an assisted-living facility during the final years of her life). The funds were used to cover Taffy’s care and maintenance for the remaining years of her life. She died last year at age 17.

In addition to the pet trust for Taffy, Walters left her money to several animal welfare charities.

Her story would never have been noticed if it weren’t for $121,479 that had fallen through the cracks following her death. This money was in a savings account she had at JP Morgan Chase Bank. After five years with no activity on the account, the bank turned that money over to the state treasurer, as required by law.

Taffy’s trust was only discovered when the state treasurer’s office looked for the money’s rightful owner. Whether the money actually belonged to Taffy is unclear but it was passed on to the same animal welfare charities that had received the balance of Walter’s estate.

A cat can’t check the treasurer’s unclaimed property database but you can. It’s a good idea to check it every so often in case you actually have an account you’ve forgotten about or a bequest from a now deceased relative has fallen through the cracks.

Yesterday, Prince’s estate had to file an estate tax payment plan. Since his estate was valued at about $200 million, the taxes are expected to be about half of that – 40% to the federal government and 16% to the state of Minnesota. Allowable deductions and exclusions will reduce that amount to 50%.

If Prince had an estate plan with trusts to benefit relatives and charities he chose, the amount of taxes due would have been very low. Instead, only about 50% will go to his six siblings and the government will take the rest.

Prince’s estate didn’t have to actually have to pay the entire $100 million yesterday; it can make payments over time. That’s a good thing since Prince’s estate isn’t very liquid. There are many entertainment assets which are still being valued and it can take a long time since their actual worth will be determined.

It’s not clear whether the IRS and Prince’s estate will agree on the value of his music catalog; it’s difficult to put a dollar value on this kind of asset. The estate can learn from the experience of Michael Jackson’s estate. He died in 2009 and yet his estate is still not settled. The tax case will go on trial in Los Angeles next month where there will be a dispute about more than $700 million in taxes, interest and penalties.

You probably aren’t worth this kind of money but even if your estate is only worth a few hundred thousand dollars, you should still have an estate plan. It will make it much easier for your heirs and will enable them, rather than the government, to share in the total value of your estate.

Although he had a career in a dangerous field, he had not taken the steps necessary to protect his family if he was killed. He lived with his fiancé, Rebecca Humphrey, and had talked about writing a will before they were married… but had not done it before his death.

Gutierrez was the breadwinner in their family, supporting Rebecca as she started a small business. Now he is gone and Rebecca cannot access any of his money. His estate will have to go through the probate process before she will possibly have access to any money.

Meanwhile, bills are piling up. The Tacoma Police Department gave her $2,000 to cover her immediate needs and also set up a fund for the family. But she will burn thru the $2,000 very quickly and doesn’t know how or when the fund will be distributed.

Rebecca is hopeful that everything will be worked out. She says that Jake’s family hasn’t been fighting over money. However, she wants others to hear her story and prepare for the worst. She says “If you love your kids or fiancé or spouse, please think about that now for them so they don’t have to when they are grieving.”

If Gutierrez had written a will before his death, a lot of anguish and difficulty could have been avoided.

Even though you may not have a career in a dangerous field, you cannot plan when you will die. You should prepare now and make decisions on how to take care of your family when you’re gone. See an estate planning attorney or, if you have a simple estate, find a form on the internet. But, whatever, you do, write your will today.

It’s only been in the last 30 years that China has allowed people to accumulate wealth. Prior to that, it really didn’t matter. There was no private property to pass along to a descendant so a will was not needed.

Now, some of the first generation to benefit from the ability to accumulate wealth are dying and it’s causing a huge problem with inheritance disputes that are taking up the time of the courts and causing rifts between family members.

We came across a story in USA Today that illustrated the problem and explained what the Chinese government is trying to do to fix it.

“When people die without a will their children scramble for their property, damaging family ties and having a negative effect on society,” the state-run Xinhua News Agency has warned.

“Only 1% of China’s 220 million seniors have drawn up inheritance plans, according to best estimates. The reason is cultural: talking about death is taboo and writing a will is akin to putting a curse on yourself.”

“Consider the publicized case of Yan Jiying, a coal baron from the northern province of Shanxi. He died in 2015 at the age of 71, leaving his estranged wife, long-term mistress and six children to fight over his assets.”

“The government is calling on local authorities around the country to establish free legal centers for those over 60. One charity doing that since 2013 is the China Will Registration Center, founded by Chen Kai, a young lawyer with a passion to protect seniors. “

“ The waiting list for appointments at his first Beijing center now stretches into September, proof that people will write a will if they can find support they trust, Chen said. “We want to teach old people that they are the masters of their fortune, that they have the right to decide what happens to their hard-earned money, ” he said.”

“On a recent morning around a dozen seniors were squeezed around a communal table at the center, diligently transcribing the final copy of their will. They begin by dictating their wishes to a lawyer, who types up a draft. The clients are then evaluated by a visiting psychiatrist to establish clarity of mind, they record video testimony of their wishes in the presence of two independent witnesses, and finally copy the final document by hand.”

“For many, the last step is the hardest. Most are over 70 and have shaky hands or poor eyesight. Transcribing a page of formal Chinese characters mistake-free is no easy task. But Chen is adamant that they do it this way, saying he has seen too many badly written wills challenged. He wants his clients to be sure their wishes will be respected even if some family members do not like them.”

Although the percentage of people in the United States having wills is much higher than 1%, it’s still below 50%. If you don’t have a will, you should consider preparing one so that your family won’t have to deal with issues related to your estate once you’re gone. To find out more about preparing a will and other estate planning steps, check out our website http://www.diesmart.com.